NJAN vs. IQQQ

Last updated Jun 4, 2026

NJAN (Innovator Growth-100 Power Buffer ETF - January) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - NJAN is a Defined Outcome fund tracking the NASDAQ-100 Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, NJAN returned 18.92% vs 38.70% for IQQQ. Their correlation of 0.91 suggests significant overlap in exposure. NJAN charges 0.79%/yr vs 0.55%/yr for IQQQ.

Performance

NJAN vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - January (NJAN) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NJAN achieves a 7.34% return, which is significantly lower than IQQQ's 18.72% return.

NJAN

• 1D: -0.15%
• 1M: 2.59%
• YTD: 7.34%
• 6M: 8.46%
• 1Y: 18.92%
• 3Y*: 14.34%
• 5Y*: 8.17%
• 10Y*: —

IQQQ

• 1D: -0.30%
• 1M: 9.88%
• YTD: 18.72%
• 6M: 17.39%
• 1Y: 38.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NJAN vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NJAN Innovator Growth-100 Power Buffer ETF - January	7.34%	14.20%	10.58%
IQQQ ProShares Nasdaq-100 High Income ETF	18.72%	17.11%	13.39%

Correlation

The correlation between NJAN and IQQQ is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.91

The correlation between NJAN and IQQQ has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

NJAN vs. IQQQ - Sectors Allocation Comparison

Sectors	NJAN	IQQQ
Technology	54.2%	53.8%
Communication Services	15.5%	15.8%
Consumer Cyclical	12.2%	12.3%
Consumer Defensive	7.6%	7.7%
Healthcare	4.2%	4.2%
Industrials	2.8%	2.8%
Utilities	1.4%	1.4%
Basic Materials	1.2%	1.1%
Energy	0.6%	0.6%
Financial Services	0.2%	0.2%
Real Estate	0.1%	0.1%

Return for Risk

NJAN vs. IQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NJAN

NJAN Risk / Return Rank: 80
NJAN Sharpe Ratio Rank: 83
NJAN Sortino Ratio Rank: 85
NJAN Omega Ratio Rank: 87
NJAN Calmar Ratio Rank: 65
NJAN Martin Ratio Rank: 79

IQQQ

IQQQ Risk / Return Rank: 70
IQQQ Sharpe Ratio Rank: 76
IQQQ Sortino Ratio Rank: 70
IQQQ Omega Ratio Rank: 69
IQQQ Calmar Ratio Rank: 69
IQQQ Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NJAN vs. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - January (NJAN) and ProShares Nasdaq-100 High Income ETF (IQQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NJAN	IQQQ	Difference
Sharpe ratio Return per unit of total volatility	2.70	2.53	+0.18
Sortino ratio Return per unit of downside risk	3.86	3.27	+0.58
Omega ratio Gain probability vs. loss probability	1.54	1.43	+0.12
Calmar ratio Return relative to maximum drawdown	3.22	3.49	-0.27
Martin ratio Return relative to average drawdown	15.47	12.41	+3.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJAN vs. IQQQ - Sharpe Ratio Comparison

The current NJAN Sharpe Ratio is 2.70, which is comparable to the IQQQ Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of NJAN and IQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NJAN	IQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.53	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.25	-0.60

Drawdowns

NJAN vs. IQQQ - Drawdown Comparison

The maximum NJAN drawdown since its inception was -20.70%, roughly equal to the maximum IQQQ drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for NJAN and IQQQ.

Drawdown Indicators

	NJAN	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-20.70%	-20.41%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-11.13%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	—	—
Current Drawdown Current decline from peak	-0.15%	-0.30%	+0.15%
Average Drawdown Average peak-to-trough decline	-3.82%	-3.64%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	3.13%	-1.90%

Volatility

NJAN vs. IQQQ - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF - January (NJAN) is 1.07%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 3.99%. This indicates that NJAN experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NJAN	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	3.99%	-2.92%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	11.54%	-5.82%
Volatility (1Y) Calculated over the trailing 1-year period	7.04%	15.40%	-8.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.30%	18.57%	-6.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	18.57%	-5.64%

NJAN vs. IQQQ - Expense Ratio Comparison

NJAN has a 0.79% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

NJAN vs. IQQQ - Dividend Comparison

NJAN has not paid dividends to shareholders, while IQQQ's dividend yield for the trailing twelve months is around 4.42%.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.42%	10.34%	7.27%
NJAN Innovator Growth-100 Power Buffer ETF - January	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NJAN and IQQQ in my portfolio?

With a correlation of 0.93, NJAN and IQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NJAN or IQQQ?

IQQQ has higher volatility (3.99%) compared to NJAN (1.07%). In terms of maximum drawdown, NJAN dropped -20.70% vs IQQQ's -20.41%.

Which ETF is better, NJAN or IQQQ?

On 1-year performance, IQQQ leads with 38.70% vs 18.92% for NJAN. On fees, IQQQ is cheaper at 0.55% per year. On volatility, NJAN has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJAN or IQQQ?

Over the 1-year period, IQQQ has performed better with a 38.70% return vs 18.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJAN or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.79% for NJAN.

Which ETF pays a higher dividend yield, NJAN or IQQQ?

IQQQ has the higher dividend yield at 4.42%, compared with 0.00% for NJAN.

What is the main difference between NJAN and IQQQ?

NJAN is categorized as Defined Outcome, while IQQQ is Nasdaq-100. NJAN tracks NASDAQ-100 Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. They also come from different issuers: Innovator and ProShares. Their fees differ too: 0.79% for NJAN and 0.55% for IQQQ.

Which has better risk-adjusted returns?

NJAN currently has the higher Sharpe Ratio (2.70 vs 2.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.